Confirmation of transaction

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Narayan (Querist)
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02 January 2014 Assessee is doing trading business and during F.Y.2010-11 purchase agriculture land @cost of Rs.20 lacs and during F.y.2012-13 the same land was converted and developed into plots and sold @ rs.48 lacs. whether assessee has to shown the transaction in short term Capital gain a/c or in the profit and loss a/c statement.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 January 2014 yes since the said land is no more agriculture land. So yes it does get hit by capital gains. given the holding period is less than 3 years, it would amount to short term capital gains.

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